On a recent episode of Invest Like the Best podcast, host Patrick O'Shaughnessy spoke with David Einhorn, president of Greenlight Capital.
The conversation covers the highs and the lows of managing money, Einhorn's views on the current banking issues, and how he has evolved as an investor.
A pod segment explored how poker and other games can teach us about investing and relationships.
One question hit me like a bull at Pamplona.
O'Shaughnessy asked Einhorn: "What do you think separates great from very good in poker? What are the attributes that allow someone to get great?"
Einhorn responded: "There are a lot of players who are a lot better than I am. Now you've got computer training. There's all this game theory and studying hand combinations and stuff like that. Many of the top pros are technically way better players than I am. So you have to recognize where your strength is and what you're doing at the table, and how they are going to perceive you.
"And when I play against top pros, they generally perceive me probably to be pretty weak. My advantage is that I care less. This, for me, is a hobby. For them, it's their livelihood. So I can be relaxed, and I'm going to make my best decision. And if it doesn't work, it doesn't work, and then I'll be done with my vacation, and I'll go back to my day job, so that's fine."
Boom.
"My advantage is that I care less."
That line is a bull hitting you at Pamplona.
Einhorn went on: "If you can feel the pressure that the other person is under because then they're going to make inferior decisions. That's what my edge is."
When thinking about communications, be mindful if the speaker seeks your validation, needs it, or if their career depends on you believing what they say.
Consider political communications.
If the person delivering the political communications services a campaign committee, works for a candidate, or advocates for a political cause, they care a lot.
They care so much about their communications that they need you to believe everything they say.
Whereas an independent analyst or political professional with no allegiance or check dependence can speak freely and without bias.
This liberated speaker "cares less."
The independent analyst or political professional does not depend on you believing what they say. They give you their expert perspective; you can take it or leave it.
All political communications has three traits: it is context-dependent, heavily influenced by who is paying for the speaking, and has a predetermined end goal.
Be mindful of how much the speaker "cares" when taking in political communications.
And when you deliver political communication, be aware of how much you "care."
Knowing the difference gives you an edge.
A communications edge that is the Pamplonian difference between running with bulls or getting hooked by the bulls.
If you need help with political communications, Caracal is here to help.
Caracal believes successful political communications requires intelligence, strategy, and engagement.
Caracal is here to help you succeed in today's interconnected business environment with one-on-one services for senior executives.
Enjoy the ride + plan accordingly.
-Marc
ITK Daily is geopolitical business intelligence for senior executives with global ambition.
ITK Daily curates news @ the intersection of globalization, disruption, politics, culture, + sport and provides actionable insights and sharp commentary.
